Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

20 Responses to “Florida Attorney General Report on Fraudclosure”

Nothing will happen to the big banks, now or ever.
No matter what they do, they pay a fine and steal some more.
The executives will never be indicted. Ever.
Only the small fry suffer consequences.http://www.mortgagefraudblog.com/
Small time crooks go to jail.
Big time crooks go to the country club.

Time for a federal antideficiency law…the high foreclosure rates in FL and NV might just have something to do with their lack of that protection for homeowners and lack of forced sanity for lenders. Banks would get the keys in the mail instead of the right to chase people into the civil version of debtors’ prison.

Yes, they should operate within the law — big fat “DUH.” And you are the (drumroll please) — AG. Typically, that’s the guy who goes after people who have been operating outside the law and kicks them in the nuts.

So where is the slide about how many enforcement actions they have brought, the slides about planned actions, etc?

Is the Florida AG going to ask them nicely to behave?

So what he’s saying is that it isn’t that he has no idea that the banks and their fraudclosure buddies are RICO violations incarnate: it’s just that he doesn’t want to get in the way of the “necessary” foreclosures that will “clear the market” and let the banks get back to business as usual – which is fraud that is less public because there are fewer court filings involved.

Coupled with the story that there is the possibility of indicting NYC sanitation workers with wire fraud for cashing their paychecks if they undertook a voluntary work slow down, this is incredible proof of how far we’ve gone down the road to serfdom.

How can any State DA settle with good conscience when these facts are presented? Committing fraud, with intent, most likely premeditated, should not be tolerated in a society where the rule of law is the only effective means of prevention. If these acts are not prosecuted to the fullest extent then we are all guilty as conspirators.

I just don’t understand how the rule of law can be ignored here. Individuals need to be prosecuted.
If we don’t the implication is that the bank’s rights trump individual rights. I don’t think I can recall ever seeing such an egregious example of sweeping the law under the rug.

Dimtri Orlov, maybe the real Dr. Doom, but he is correct in that the system cannot be reformed. The funny thing is how the “progressives” ignore all this. Extreme trickle down? Great idea, we just need more! They lost the values, but they kept the weed.

Y’all just think indictments, prosecutions, etc. just happen overnight huh? Robo-signing was brought to light some months ago, you have 50 attorneys-general reviewing millions of documents, and there are myriad of laws being circumvented by scores of people.

It will happen people, it’s not going to happen in a few months; we’ll be lucky if it gets sorted out in a couple of years by my reckoning.

@lalaland: No, of course not, but based on the fact that there have been exactly ZERO significant criminal indictments since when the crisis started nearly three whole years ago, I think it’s a safe assumption that we aren’t likely to see any significant indictments here either that would threaten the freight train that is banking system. It’s quite obvious that one cannot be too cynical about this stuff anymore.

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About Barry Ritholtz

Ritholtz has been observing capital markets with a critical eye for 20 years. With a background in math & sciences and a law school degree, he is not your typical Wall St. persona. He left Law for Finance, working as a trader, researcher and strategist before graduating to asset managementRead More...

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